Kazakhstan Following Russia's Lead with Own Cryptocurrency

Kazakhstan has become the latest country to show an intention of creating its own fiat-based digital asset, following in the footsteps of its former Soviet handlers, Russia.

It was announced via the country's government-supported Astana International Finance Center (AIFC) who said they had signed a deal of cooperation with a Maltese firm called Exante.

Next generation investment

In plugging themselves, Exante calls themselves a “next generation investment company." They said they would work with the AIFC to develop the ex-Soviet nation's untapped cryptocurrency market.

"Blockchain and cryptocurrencies are entering the mainstream of today's economic reality," Kairat Kelimbetov, governor of the Astana International Finance Center, said:

"Astana's leading financial regulators have already commenced their work and are laying the foundation for Kazakhstan's fintech-ecosystem. We believe that the AIFC can become an international hub for Blockchain operations and the development of the digital assets market is our key priority in the near future."

Government-backed

There has been much debate about how to control and regulate these decentralized cryptocurrencies. From the gentle approach of the Swiss to the hard-nosed banning from the Chinese.

But it seems there is a new trend developing where countries are essentially starting their own ICO and launching their own government-backed digital currencies.

Last month, Japan also signaled the potential launch of its own digital currency, called J-Coin.

Russia’s intention to launch the CryptoRubel is, of course, the biggest news to come out of these state-backed digital assets, but its intentions for doing so seem to be slightly different for all the others mentioned above.